Jamie Dimon’s Salary Rises To $31.5 Million In 2019, Amid Record Bank Profits

After J.P. Morgan set new profit and stock price records in 2019, America’s biggest bank subsequently raised the salary for its CEO, Jamie Dimon, to $31.5 million—making it likely that he will again be the highest paid big-bank executive in the U.S.

  • The J.P. Morgan Chase CEO/s compensation amounted to $1.5 million in base salary and $30 million from performance-based incentives—including $5 million in cash and $25 million in stock compensation, according to a new filing released late on Thursday. 
  • J.P. Morgan posted a record profit of $36.4 billion in 2019, more than any bank in history and a 12% increase from the year before, helping the stock rise 43% to end the year at an all-time high of almost $140 per share.
  • Thanks to his role overseeing the bank’s successful run last year, Jamie Dimon looks set to remain the highest-paid CEO in the banking industry, according to the Wall Street Journal.
  • In 2018, Dimon received a total compensation package of $31 million, while his closest competitor was Morgan Stanley CEO James Gorman, with a $29 million salary.
  • While most big banks are yet to disclose CEO pay for 2019, few can match Chase’s banner year: Morgan Stanley recently disclosed that it cut Gorman’s salary by 7% to $27 million, after its shares underperformed rivals.
  • After decades running some of the biggest lenders in the U.S., Dimon is one of the few billionaires in banking, with a net worth of $1.7 billion, according to Forbes.

Tangent: Although Jamie Dimon has previously criticized wealth inequality, he also noticeably avoided questions about his own hefty salary last year.

Big number: Between 1991 and 2015, Dimon has been paid $115 million in salary alone, Bloomberg reported.

Key background: J.P. Morgan Chase stock surged after stellar fourth-quarter earnings, which added millions to Dimon’s fortune. The bank trounced Wall Street forecasts, announcing earnings of $2.57 per share, significantly higher than the $2.36 expected by analysts. Overall revenue rose over 4% from a year earlier, to a record of almost $28 billion thanks to a rebound in trading revenue. “JP Morgan Chase produced strong results in the fourth quarter of 2019, capping off a solid year for the firm where we achieved many records, including record revenue and net income,” Dimon said in an earnings release. 

This article originally appeared on Forbes.


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